Youths, business leaders cautious on economic growth projection

…As skills gap for digital age drops

Next generation leaders and Chief Executive Officers have expressed caution on economic growth projections, as well as pessimism about cyber security, education and trust in business.

Key findings from a new report by PwC in collaboration with AIESEC note that 60 per cent of young leaders believe economic growth will improve over the next 12 months, compared to only 27 per cent of CEOs.

“This might be the optimism of youth, but could also reflect a more profound insight into trends like the digital revolution, where the younger generation sees opportunity, and the previous ones costs and risk.

“While they are more optimistic than CEOs in many respects, AIESEC respondents also believe that organisations should be more concerned about some of the threats they face than CEOs typically are. 86 per cent of AIESEC respondents say companies should be worried about cybercrime, while only 61 per cent of CEOs are concerned about this. 85 per cent see a threat in shifts in consumer behaviour, as against 60 per cent of CEOs. 83 per cent cite a lack of public trust in business, compared to 55 per cent of CEOs”, the report revealsed.

Reflecting the struggle many business leaders face in shifting from a short term to long term outlook, CEOs ranked their top three concerns as over-regulation, geopolitical uncertainty, and exchange rate volatility.

By contrast, AIESEC respondents took a more long-term view, believing CEOs should be more concerned about longer term issues of social instability, climate change and environmental damage, and unemployment.

The survey further showed that both generations are agreeing that business success in the 21st century will be defined by more than just financial profit. However AIESEC respondents believe businesses today are still mainly focused on shareholder value, despite CEOs progress and future aspirations to connect more strongly with wider stakeholders.

Partner and PwC Experience Leader, PwC Nigeria, Omobolanle Adekoya, noted that: “Tomorrow’s leaders look for opportunity but they are not naïve about risk. They care about wider social and environmental issues and understand how the accelerating pace of technological advances is changing stakeholder expectations. While pay and benefits are important, an organisation’s culture and values are often even more important.

“Millennials, want to be proud of their employer – to feel their company’s values match their own and the work they’re doing is worthwhile and contributing to a broader purpose. It is important to focus on the pipeline of leaders for tomorrow while continuing to develop the skills and capability of the workforce of today.”

President of AIESEC International 2015-2016, Ana Saldarriaga, corroborated the view saying: “AIESEC leaders – and generally young people today – are very purpose-driven. This is further underlined through the findings of AIESEC’s global YouthSpeak Survey.

“Featuring more than 200.000 responses to date, the survey outlines the three motivations of youth globally: family, purpose in life and love. Both a strong sense of purpose and values are something youth requires in a workplace and looks for in their employers.